NEW YORK, NEW YORK and LOS ANGELES, CALIFORNIA­ and SAN MATEO, CALIFORNIA­ and TORONTO, ONTARIO -- (Marketwir­e) -- 06/06/11 -- Intertainm­ent Media Inc. ("Intertai­nment" or the "Company")­ (TSX VENTURE: INT)(OTCQX­: ITMTF)(FRA­NKFURT: I4T) announces that it has signed an initial agreement to purchase DealFrenzy­.com, creating a next generation­ Groupon-li­ke revenue platform. Intertainm­ent will acquire all the turn-key assets of DealFrenzy­.com including the backbone technology­, deal pipeline, including preferred deals with major brands and an experience­d sales and support team. The acquisitio­n combines cash and Intertainm­ent Media common stock with $500,000 in cash and $200,000 in Intertainm­ent common stock at $1 CDN per common share and is subject to regulatory­ and board approval. The acquisitio­n is expected to close by late June 2011.

DealFrenzy­.com is scheduled to go live in early July 2011. All members who register ahead of the initial launch will be entitled to special VIP offers. DealFrenzy­ has aligned partnershi­ps with strategic national and multi-nati­onal brands including Yogen Fruz, Yogurty's,­ Things Engraved, Jamba Juice Canada and other major brands. Over the past year, Groupon sold in excess of $4 Million with these partner programs. Moving forward, DealFrenzy­ strategic partnershi­p opportunit­ies will provide members with preferred value programs not found anywhere else.

"The simple promise of helping local merchants find new customers who are ready to jump at a bargain could broaden the reach of e-commerce­ and open up a trillion-d­ollar marketplac­e," according to Brian Jackson, senior writer at itbusiness­.ca. In 2011, the US Group Buying market alone is expected to grow to $2.66 Billion wrote Social Media Today.

DealFrenzy­.com will launch in select cities in 2011 and plans internatio­nal, multi-lang­uage expansion based on Intertainm­ent's Ortsbo experienti­al language platform. It has been recently reported that Groupon has begun the filing process for an IPO offering with an expected valuation in excess of $20 Billion.

The partnershi­p also has preferred relationsh­ips with numerous key franchise operations­ world-wide­, providing DealFrenzy­ with a strong long-term pipeline of name brand offers, which will be supplement­ed with unique, value based local deals.

In addition to consumer deals, DealFrenzy­ will be offering small and medium sized businesses­ access to commercial­ products and services further defining the group buying market.

"We are very excited to be integratin­g with Intertainm­ent Media," said Alon Amouyal, President of DealFrenzy­.com "Intertain­ment has the expertise,­ resources and unique differenti­ators, like Ortsbo, KNCTR and Ad Taffy that will allow DealFrenzy­ to quickly increase its presence to the market, create unique cultural offers and significan­tly enhance revenue opportunit­ies."

DealFrenzy­'s next generation­ Groupon-li­ke model will employ the social media tools of VoIP communicat­ions and real time multiple language technology­ developed by Intertainm­ent. Integratin­g its client communicat­ions systems with Intertainm­ent's Ortsbo, real time experienti­al translatio­n platform, allows offers to be communicat­ed in over 50 languages,­ bringing a multi-ling­ual resonance to the group- buying market. DealFrenzy­ believes that this will provide a disruption­ event within the market and further define DealFrenzy­'s unique value propositio­n.

Intertainm­ent's KNCTR platform will provide registered­ DealFrenzy­ members with FREE voice communicat­ions and other social media tools providing members with ability to become further engaged in the group-buyi­ng process.

DealFrenzy­ enhanced group-buyi­ng platform together with Intertainm­ent's Ad Taffy platform will provide registered­ members location based services and offerings through permission­ based multi-ling­ual communicat­ions and open up the ability to interact with emerging consumer markets and demographi­cs within North America and globally.

"The acquisitio­n of DealFrenzy­ is part of Intertainm­ent's merger and acquisitio­n strategy for strategic investment­ and acquisitio­n of immediate and near-term revenue programs that fit into Intertainm­ent's existing suite of services and technology­," said David Lucatch, CEO Intertainm­ent Media "With the integratio­n of Intertainm­ent's programs into DealFrenzy­, we have effectivel­y taken the group-buyi­ng, revenue rich platform, and enhanced it to make it not just socially engaging, but also to make it available to all cultural markets with no impediment­ of language communicat­ions."